Colgate-Palmolive Company has just paid an annual dividend of

$ 1.05. Analysts are predicting dividends to grow by $ 0.17 per year over the next five years. Afterthen, Colgate's earnings are expected to grow 5.9 % peryear, and its dividend payout rate will remain constant. IfColgate's equity cost of capital is 7.3 %peryear, what price does thedividend-discount model predict Colgate stock should sell fortoday?